FRP Rebar Market by Resin Type, by Fiber Type, by Application – Global Forecasts to 2021
The global market size of FRP rebars, in terms of value, is projected to reach USD 91.00 Million by 2021, at a CAGR of 11.4% between 2016 and 2021. The increasing number of patents filed for FRP rebars products & applications by global players, growing projects, continuous agreements, and expansion activities undertaken by companies are key factors for the growth of the global market for FRP rebar.
The vinyl ester resin based FRP rebar is expected to the fastest-growing resin type in the FRP rebars market. This is because, it exhibit various properties, such as excellent corrosion resistance to fuels, chemicals, or vapors, durability, heat resistance, and high tensile elongation strength.
The highways, bridges, & buildings application segment is projected to be the fastest-growing in the global FRP rebars market between 2016 and 2021. This can be attributed to the use of FRP rebars for construction of new bridges and restoration of structurally deficient or functionally obsolete bridges. In addition, to develop structures that are long-lasting and have the ability to withstand harsh environmental conditions, heavy loads, insufficient maintenance, and erroneous maintenance practices such as the use of sodium chloride.
The North American region, being the largest market for FRP rebars, is also projected to register the highest CAGR in the FRP rebars market, in terms of value, between 2016 and 2021. This growth is driven by rising demand from highways, bridges, & buildings, marine structures & waterfronts, and other applications such as parking structures, MRI rooms, salt storage facilities, and so on.
The market for FRP rebars is rapidly gaining importance; however, few factors act as a bottleneck towards its growth in the global FRP rebars market. The availability of substitutes, stringent regulations for FRP rebars, low acceptance of FRP rebars among construction professionals, and high initial & production cost of FRP rebars are the major challenges and restraints toward the growth of the FRP rebars market.
The companies such as Hughes Brothers (U.S.), Pultrall Inc. (Canada), Marshall Composites Technologies LLC (U.S.), Pultron Composites (New Zealand), Armastek (Russia), BP Composites Ltd. (Canada), Dextra Group (Thailand), among others are the dominant players in the global FRP rebars market. They have been adopting various organic and inorganic growth strategies such as agreements, expansions, and new product launches to enhance the current market scenario of the FRP rebars market.